Last month in metro Phoenix we had the fewest number of single-family homes sold in a June since the Great Recession, June 2007.
How to you explain this economic mystery? In 2021 when home prices were skyrocketing – the median single-family home price in metro Phoenix increased $90,000 in 2021 – the number of single-family homes sold via the Phoenix MLS only increased by 41 homes in 2021 compared to 2020.
Prices UP $6,000 from 1 Year Ago But DOWN $19,000 from 2 Years Ago
Phoenix median single-family home sold price in June was up $6,000 from 1 year ago but was down almost $19,000 from 2 years ago.
Homes for Sale
The number of homes for sale is dancing around 2017 levels. That is “normalish” levels.
The big question is whether the inventory of homes for sale will start increasing again after the July 4 holiday week, or whether inventory increases are starting to normalize.
Phoenix Rents
via Apartment List
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.